Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exhibit 99.1
Ebang International Reports Financial Results for Fiscal
Year 2025
IRVING, United States, April 24,
2026 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”),
today announced its financial results for the fiscal year ended December 31, 2025.
Operational and Financial Highlights for Fiscal Year 2025
Total net revenues in the 2025 fiscal year increased
by 11.4% to US$6.5 million, from US$5.9 million in the 2024 fiscal year.
Gross profit in the 2025 fiscal year was US$0.4 million,
compared to a gross profit of US$1.2 million in the 2024 fiscal year.
Net loss in the 2025 fiscal year was US$14.2 million,
compared to US$20.9 million in the 2024 fiscal year.
Mr. Dong Hu,
Chairman and Chief Executive Officer of the Company, commented, “In fiscal year 2025, despite a complex and volatile external environment,
we adhered to our “progress amid stability” approach. While maintaining stable operations across existing businesses, we continuously
monitored industry trends and dynamically evaluated potential development opportunities. In response to market shifts and industrial evolution,
we prudently optimized resource allocation and explored advanced manufacturing sectors through technical pathway analysis, team building,
and preliminary mapping of supply chain resources, creating strategic reserves for future expansion.”
Mr. Hu continued:
“Looking ahead, we will take technological innovation and real-sector manufacturing as dual engines,
and gradually develop a highly coordinated industrial ecosystem. In electrical power equipment, we will leverage internal resources and market conditions
to pursue energy-efficient, intelligent products, capturing opportunities from the global green upgrade of power grids. In new materials,
we will continue optimizing processes for high-performance soft magnetic materials, focusing on reducing material loss to improve power
equipment energy efficiency. This will help convert material performance advantages into product competitiveness and strengthen long-term
growth. We will continue to prudently advance these initiatives based on market conditions, business performance, and compliance requirements,
while optimizing our business structure, resource allocation, and operational efficiency to create long-term shareholder value. We remain
cautiously optimistic about our transition towards high-quality development.”
Financial Results for Fiscal Year 2025
Total net
revenues in the 2025 fiscal year increased by 11.4% to US$6.5 million, from US$5.9 million in the 2024 fiscal year, primarily due
to the combined impact of: (1) the newly acquisition of the renewable energy business in November 2024, which led to the increase of renewable
energy products revenue, and (2) the renting of idle office space, which has generated rental revenue during the year and promoted revenue
growth. Other than the above, all other businesses have been relatively stable.
Cost of revenues
in the 2025 fiscal year increased by 31.3% to US$6.1 million, from US$4.7 million in the 2024 fiscal year, which is primarily due to the
increase of revenue and VAT recoverable impairment of US$1.7 million, which was recognized in cost of revenue in 2025, as it is expected
that VAT will not be recovered in the foreseeable future. In a market with both opportunities and risks, we constantly adjust our development
strategy, allocate resources, and control costs and expenses based on changes in the market condition, in order to avoid unnecessary expenses.
Gross profit in the 2025 fiscal year was US$0.4 million,
compared to a gross profit of US$1.2 million in the2024 fiscal year.
Total operating expenses in the 2025 fiscal year
decreased by 18.6% to US$25.7 million, from US$31.6 million in the 2024 fiscal year, primarily due to the combined impact of the decrease
in selling expenses and general and administrative expenses, and increase in impairments.
| ● | Selling expenses in the 2025 fiscal year decreased
by 51.5% to US$0.5 million, from US$1.1 million in the 2024 fiscal year, mainly due to the continuous decrease in sales staff salaries,
which is also the result of the Company continuously adjusting its strategic policies according to changes in the market situation, while
reducing costs and increasing efficiency. |
| ● | General and administrative expenses in the 2025 fiscal
year decreased by 25.4% to US$22.7 million, from US$30.5 million in the 2024 fiscal year, primarily due to decreases in payroll expenses,
office rental expenses, and the tightening of various expense expenditures. |
| ● | Impairment of intangible assets was US$1.1 million
in the 2025 fiscal year, compared to nil in the 2024 fiscal year. |
Loss from operations in the 2025 fiscal
year was US$25.3 million, compared to loss from operations of US$30.4 million in the 2024 fiscal year.
Interest income in the 2025
fiscal year was US$8.5 million, compared to US$11.4 million in the 2024 fiscal year. The increase was primarily due to the reduction of
interest rates.
Exchange (loss) gain in the
2025 fiscal year was exchange gain of US$3.1 million, compared to exchange loss of US$2.2 million in the 2024 fiscal year, primarily due
to the currency fluctuation on our foreign currency denominated assets and liabilities.
Other expenses in the 2025
fiscal year was US$0.5 million, compared to US$0.1 million in the 2024 fiscal year, primarily due to the classification of changes in
fair value of cryptocurrency assets into this category in accordance with new accounting standards adopted in 2025.
Government grants in the
2025 fiscal year was US$0.04 million, compared to US$0.05 million in the 2024 fiscal year, primarily due to the decrease of non-recurring
rebates from local government.
Income taxes benefit in the
2025 fiscal year was US$0.3 million, compared to US$0.04 million in the 2024 fiscal year, primarily due to the reversal of deferred tax
liability relating to the impairment of intangible assets recognized from a business acquisition that closed in November 2024 in 2025.
Net loss in the 2025 fiscal year was US$14.2 million,
compared to US$20.9 million in the 2024 fiscal year.
Net loss attributable to Ebang
International Holdings Inc. in the 2025 fiscal year was US$14.1 million, compared to US$20.3 million in the 2024 fiscal year.
Basic and diluted net loss per share in the 2025
fiscal year was US$2.24, compared to basic and diluted net loss per share of US$3.22 in the 2024 fiscal year.
Cash and cash equivalents were US$200.2 million as
of December 31, 2025, compared to US$213.8 million as of December 31, 2024.
About Ebang International Holdings Inc.
With years
of manufacturing experience and expertise in blockchain technology and Fintech, we have established ourselves as a key participant in
these fields. Leveraging advanced technologies and cutting-edge financial services, our Fintech service platforms have been widely recognized
by the market. Striving to diversify our offerings to achieve a more stable financial performance, we expanded into the renewable energy
sector in Australia in November 2024, underscoring our commitment to sustainability and long-term growth. In the foreseeable future, we
will continue to focus on our renewable energy business and further explore opportunities in related businesses, while proactively adapting
to changes in market demand and seizing new development opportunities. Our diversified model enables us to explore synergies across our
businesses, driving value for our Company and shareholders. For more information, please visit https://ir.ebang.com/.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s
development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,”
“anticipates, ” “aims,” “potential,” “future,” “intends,” “plans,”
“believes,” “estimates,” “continue,” “likely to,” and other similar expressions intended
to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements
are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current markets and
operating conditions. Forward-looking statements include, but are not limited to, statements regarding our future operating results and
financial position, our business strategy and plans, expectations relating to our industry, the regulatory environment, market conditions,
trends and growth, expectations relating to customer behaviors and preferences, our market position and potential market opportunities,
and our objectives for future operations. Forward-looking statements involve inherent known or unknown risks, uncertainties and other
factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s
actual results, performance and achievements to differ materially
from those contained in any forward-looking statement. These risks and uncertainties include our ability to successfully execute our
business and growth strategy and maintain future profitability, market acceptance of our products and services, our ability to further
penetrate our existing customer base and expand our customer base, our ability to develop new products and services, our ability to expand
internationally, the success of any acquisitions or investments that we make, the efforts of increased competition in our markets,
our ability to stay in compliance with applicable laws and regulations, market conditions across the blockchain, Fintech and general
markets, political and economic conditions. Further information regarding these and other risks, uncertainties or factors is included
in the Company’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of
the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements
as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com
EBANG INTERNATIONAL HOLDINGS
INC.
CONSOLIDATED BALANCE SHEETS
(Stated in US dollars)
| | |
|
December 31,
2025 | | |
December 31,
2024 | |
| ASSETS | |
|
| | | |
| | |
| Current assets: | |
|
| | | |
| | |
| Cash and cash equivalents | |
|
$ | 200,191,726 | | |
$ | 213,822,331 | |
| Restricted cash, current | |
|
| 31,155 | | |
| 580,019 | |
| Short-term investments | |
|
| 6,169,815 | | |
| 4,906,760 | |
| Accounts receivable, net | |
|
| 1,099,081 | | |
| 1,586,766 | |
| Advances to suppliers | |
|
| 477,748 | | |
| 70,312 | |
| Inventories, net | |
|
| 3,642,958 | | |
| 597,116 | |
| Prepayments | |
|
| 729,713 | | |
| 322,382 | |
| VAT recoverable, current | |
|
| 87,505 | | |
| 3,203,198 | |
| Other current assets, net (include $126,920 and nil due from a related party as of December 31, 2025 and 2024, respectively) | |
|
| 3,758,291 | | |
| 5,676,953 | |
| Total current assets | |
|
| 216,187,992 | | |
| 230,765,837 | |
| | |
|
| | | |
| | |
| Non-current assets: | |
|
| | | |
| | |
| Property, plant and equipment, net | |
|
| 29,804,484 | | |
| 29,907,181 | |
| Intangible assets, net | |
|
| 2,196,854 | | |
| 3,339,664 | |
| Operating lease right-of-use assets | |
|
| 3,608,497 | | |
| 3,348,442 | |
| Operating lease right-of-use assets - related party | |
|
| 69,486 | | |
| 40,081 | |
| Restricted cash, non-current | |
|
| 796,786 | | |
| 602,178 | |
| Goodwill | |
|
| - | | |
| 1,277,789 | |
| VAT recoverable, non-current | |
|
| 1,468,819 | | |
| 766,587 | |
| Other assets | |
|
| 2,635,010 | | |
| 5,756,224 | |
| Total non-current assets | |
|
| 40,579,936 | | |
| 45,038,146 | |
| | |
|
| | | |
| | |
| Total assets | |
|
$ | 256,767,928 | | |
$ | 275,803,983 | |
| | |
|
| | | |
| | |
| LIABILITIES AND EQUITY | |
|
| | | |
| | |
| Current liabilities: | |
|
| | | |
| | |
| Accounts payable | |
|
$ | 436,119 | | |
$ | 286,099 | |
| Accrued liabilities and other payables (include $126,920 and nil due to a related party as of December 31, 2025 and 2024, respectively) | |
|
| 6,310,237 | | |
| 10,367,210 | |
| Operating lease liabilities, current | |
|
| 1,105,514 | | |
| 1,114,377 | |
| Operating lease liabilities - related party, current | |
|
| 48,252 | | |
| 29,961 | |
| Advances from customers | |
|
| 14,812 | | |
| 55,403 | |
| Total current liabilities | |
|
| 7,914,934 | | |
| 11,853,050 | |
| | |
|
| | | |
| | |
| Non-current liabilities: | |
|
| | | |
| | |
| Operating lease liabilities, non-current | |
|
| 3,430,152 | | |
| 2,877,122 | |
| Operating lease liabilities – related party, non-current | |
|
| 21,234 | | |
| 10,120 | |
| Other non-current liability | |
|
| 357,403 | | |
| 376,841 | |
| Deferred tax liabilities | |
|
| 3,379 | | |
| 326,452 | |
| Total non-current liabilities | |
|
| 3,812,168 | | |
| 3,590,535 | |
| | |
|
| | | |
| | |
| Total liabilities | |
|
| 11,727,102 | | |
| 15,443,585 | |
| | |
|
| | | |
| | |
| Equity: | |
|
| | | |
| | |
| Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 shares issued, 4,726,424 shares outstanding as of December 31, 2025 and 2024(1) | |
|
| 18,178 | | |
| 18,178 | |
| Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of December 31, 2025 and 2024(1) | |
|
| 5,978 | | |
| 5,978 | |
| Additional paid-in capital | |
|
| 396,090,766 | | |
| 396,454,715 | |
| Statutory reserves | |
|
| 11,079,649 | | |
| 11,079,649 | |
| Accumulated deficit | |
|
| (149,185,245 | ) | |
| (135,091,716 | ) |
| Accumulated other comprehensive loss | |
|
| (13,777,506 | ) | |
| (12,874,020 | ) |
| Total Ebang International Holdings Inc. shareholders’ equity | |
|
| 244,231,820 | | |
| 259,592,784 | |
| | |
|
| | | |
| | |
| Non-controlling interest | |
|
| 809,006 | | |
| 767,614 | |
| | |
|
| | | |
| | |
| Total equity | |
|
| 245,040,826 | | |
| 260,360,398 | |
| | |
|
| | | |
| | |
| Total liabilities and equity | |
|
$ | 256,767,928 | | |
$ | 275,803,983 | |
| (1) | As of December 31, 2025 and 2024, 263,322 reserved for future
issuance upon the vesting of RSAs granted under the 2020 Plan were considered issued but not outstanding. |
EBANG INTERNATIONAL HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Stated in US dollars)
| | |
|
For the year ended
December 31,
2025 | | |
For the year ended
December 31,
2024 | | |
For the year ended
December 31,
2023 | |
| Product revenue | |
|
$ | 793,047 | | |
$ | 1,179,404 | | |
$ | 782,349 | |
| Service revenue | |
|
| 5,743,940 | | |
| 4,689,367 | | |
| 4,072,832 | |
| Total revenues | |
|
| 6,536,987 | | |
| 5,868,771 | | |
| 4,855,181 | |
| Cost of revenues | |
|
| 6,142,141 | | |
| 4,679,085 | | |
| 21,558,986 | |
| Gross profit (loss) | |
|
| 394,846 | | |
| 1,189,686 | | |
| (16,703,805 | ) |
| | |
|
| | | |
| | | |
| | |
| Operating expenses: | |
|
| | | |
| | | |
| | |
| Selling expenses | |
|
| 536,562 | | |
| 1,107,048 | | |
| 1,893,607 | |
| General and administrative expenses | |
|
| 22,733,520 | | |
| 30,455,530 | | |
| 29,041,432 | |
| Impairment of intangible assets | |
|
| 1,096,816 | | |
| - | | |
| 3,708,247 | |
| Impairment of goodwill | |
|
| 1,327,457 | | |
| - | | |
| 2,299,628 | |
| Total operating expenses | |
|
| 25,694,355 | | |
| 31,562,578 | | |
| 36,942,914 | |
| | |
|
| | | |
| | | |
| | |
| Gain on disposal of subsidiaries | |
|
| - | | |
| - | | |
| 7,524 | |
| Loss from operations | |
|
| (25,299,509 | ) | |
| (30,372,892 | ) | |
| (53,639,195 | ) |
| | |
|
| | | |
| | | |
| | |
| Other income (expenses): | |
|
| | | |
| | | |
| | |
| Interest income | |
|
| 8,513,402 | | |
| 11,371,783 | | |
| 11,941,453 | |
| Other income | |
|
| 167,841 | | |
| 328,360 | | |
| 1,131,178 | |
| (Loss) gain from investment | |
|
| (508,155 | ) | |
| 382,896 | | |
| 356,996 | |
| Net (loss) gain on disposal of cryptocurrencies | |
|
| - | | |
| (374,964 | ) | |
| 744,803 | |
| Exchange gain (loss) | |
|
| 3,078,562 | | |
| (2,169,880 | ) | |
| 456,647 | |
| Government grants | |
|
| 39,121 | | |
| 52,191 | | |
| 62,600 | |
| Other expenses | |
|
| (477,443 | ) | |
| (126,208 | ) | |
| (119,531 | ) |
| Total other income | |
|
| 10,813,328 | | |
| 9,464,178 | | |
| 14,574,146 | |
| | |
|
| | | |
| | | |
| | |
| Loss before income taxes benefit | |
|
| (14,486,181 | ) | |
| (20,908,714 | ) | |
| (39,065,049 | ) |
| | |
|
| | | |
| | | |
| | |
| Income taxes benefit | |
|
| (320,983 | ) | |
| (42,545 | ) | |
| (1,031,461 | ) |
| | |
|
| | | |
| | | |
| | |
| Net loss | |
|
| (14,165,198 | ) | |
| (20,866,169 | ) | |
| (38,033,588 | ) |
| Less: net loss attributable to non-controlling interest | |
|
| (71,669 | ) | |
| (615,118 | ) | |
| (1,261,445 | ) |
| Net loss attributable to Ebang International Holdings Inc. | |
|
$ | (14,093,529 | ) | |
$ | (20,251,051 | ) | |
$ | (36,772,143 | ) |
| | |
|
| | | |
| | | |
| | |
| Comprehensive loss | |
|
| | | |
| | | |
| | |
| Net loss | |
|
$ | (14,165,198 | ) | |
$ | (20,866,169 | ) | |
$ | (38,033,588 | ) |
| Other comprehensive loss: | |
|
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
|
| (790,425 | ) | |
| 917,303 | | |
| (2,278,915 | ) |
| | |
|
| | | |
| | | |
| | |
| Total comprehensive loss | |
|
| (14,955,623 | ) | |
| (19,948,866 | ) | |
| (40,312,503 | ) |
| Less: comprehensive loss attributable to non-controlling interest | |
|
| 41,392 | | |
| (710,883 | ) | |
| (1,377,803 | ) |
| Comprehensive loss attributable to Ebang International Holdings Inc. | |
|
$ | (14,997,015 | ) | |
$ | (19,237,983 | ) | |
$ | (38,934,700 | ) |
| | |
|
| | | |
| | | |
| | |
| Net loss per ordinary share attributable to Ebang International Holdings Inc. | |
|
| | | |
| | | |
| | |
| Basic | |
|
$ | (2.24 | ) | |
$ | (3.22 | ) | |
$ | (5.86 | ) |
| Dilute | |
|
$ | (2.24 | ) | |
$ | (3.22 | ) | |
$ | (5.86 | ) |
| | |
|
| | | |
| | | |
| | |
| Weighted average ordinary shares outstanding | |
|
| | | |
| | | |
| | |
| Basic | |
|
| 6,280,616 | | |
| 6,280,616 | | |
| 6,275,118 | |
| Diluted | |
|
| 6,280,616 | | |
| 6,280,616 | | |
| 6,275,118 | |
